P6-18 1000

Price: $2.50


P6-18 The following data related to inventory for the year ended December 31, 2009. A physical inventory on December 31, 2009, indicates that 600 units are on hand and that they came from the July 1 purchase.

Date	Description	Number of Units	Cost per Unit	Total Cost
1-Jan	Beginning inventory	1,000	4	4,000
20-Feb	Purchase	800	5	3,600
1-Apr	Purchase	900	5	4,275
1-Jul	Purchase	700	5	3,500
22-Oct	Purchase	500	5	2,450
10-Dec	Purchase	500	5	2,500
		4,400		20,325

Required: Computer the cost of goods sold for the year Ended December 31, 2009, and the ending inventory under the following cost assumptions.

a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specific identification